Canadian Labour Congress

Canadian Labour Congress

November 17, 2008 12:21 ET

Canadian Labour Congress: G-20 Plan Falls Short

OTTAWA, ONTARIO--(Marketwire - Nov. 17, 2008) - Canadian Labour Congress President Ken Georgetti says G-20 leaders failed to come up with a concrete, co-ordinated plan which is needed to stop the world from spiralling down into a deep recession, but they have at least decided to address some of the key failures of the global financial system which got us into this mess.

Georgetti was in Washington last week as part of a group of G-20 labour leaders putting forward the case for a global plan of action. He met with the heads of the IMF and the World Bank as well as President Lula of Brazil and Prime Minister Rudd of Australia.

"Labour leaders conveyed to G-20 heads of state the frustration of our millions of members who face huge job losses because of a crisis brought on by the greed and irresponsibility of global finance. Our governments sat by while this crisis was in the making, and ignored our argument that unfettered globalization was not serving the needs of working people," he said.

The most disappointing outcome of the summit is that governments failed to agree on a concrete plan of action to stop the world economy from falling into a global depression led by huge job losses and a collapse of house prices, household spending and business investment. The G-20 leaders also failed to come up with new resources to protect developing countries from a crisis which was not of their making.

Georgetti says the fact remains that governments have spent billions bailing out the banks and shoring up the financial system, but have done little to date to deal with the huge job losses as this crisis deepens.

On a more positive note, the G-20 leaders turned down efforts by some, notably the outgoing Bush Administration and the Canadian government, to set aside the call for new international rules to regulate global finance, as advocated by the global labour movement and some European and developing country leaders.

"It will be of the utmost importance for working people to make their opinions known in the weeks and months to come. We need to keep up the pressure on our elected representatives. Their solutions must focus on family-supporting jobs for the citizens of the world," said Georgetti.

The Canadian Labour Congress, the national voice of the labour movement, represents 3.2 million Canadian workers. The CLC brings together Canada's national and international unions along with the provincial and territorial federations of labour and 130 district labour councils. www.canadianlabour.ca

Contact Information

  • Canadian Labour Congress
    Jeff Atkinson
    613-526-7425 or 613-863-1413 (cell)